At the start of the new year, the price for a gallon of milk at a local grocery store increased by 2.4% as a result of inflation. If a gallon of milk cost $2.92 last year, about how much does it cost this year?

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Zev ChonolesMay 22 '13 at 22:22

So the price of my favorite bike was $\$100$ last year. They increased the price by $\%5$ this year. What would be the new price?

It was $\$100$ last year. What is $\%5$ of $\$100$? Note that $\%5$ is equivalent to saying $\frac{5}{100}$, so $\%5$ of $\$100$ is $\frac{5}{100} \times \$100 = \$5$. Hence, the new price is $\$100+\$5 = \$105$.

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